A happy retirement costs £10,820 a year and involves spending 21 days on
holiday, a study has found

A happy retirement costs £10,820 a year and involves spending 468 hours on hobbies and 364 hours with grandchildren, a new study has found. Contented pensioners also spend 21 days on holiday abroad, and live in a detached house with a garden in the country.

Ageing Britons need a pension pot of £225,756 to fund this leisurely lifestyle for a typical 17–year retirement.

But with an annual state pension paying a maximum of £5,727, more than 300,000 people aged 60 to 65 face a £106,000 income gap. This is because they have no retirement savings, the study by retirement specialist LV= found.

The blueprint for a happy retirement includes spending an average £752 on holidays abroad each year.

A contented pensioner would also like to spend 364 hours with children and grandchildren, and £249 on their gifts.